WATERLOO -- The Isle of Capri Casinos Inc. reported net losses for the first quarter of the 2009 fiscal year, although they were only about half of those reported a year ago.

While the company is still in the red, officials report revenues rose and losses declined compared to the first fiscal quarter of 2008, according to financial statements released by the company.

Last year's report reflected only one month of operation at the Waterloo Isle of Capri, which opened June 2007. This year's report shows the Waterloo location brought in nearly $19.6 million in net revenue for the first quarter of the 2009 fiscal year.

James Perry, the company's executive vice chairman and chief executive officer, said the improved margins show the company is moving in the right direction.

"I am pleased with our performance during a time of continuing economic uncertainty," he said in a release detailing the company's performance. "I believe our operational initiatives have had a direct impact on our bottom line, as we were able to grow (earnings before interest taxes, depreciation and amortization) and improve margins."

During the quarter, revenues increased by $3.8 million compared to the first quarter of 2008. The company cut net losses about in half to $3.6 million which is 12 cents per share. Last year's first-quarter losses totalled $7.1 million, translating to a drop of 23 cents per share.

Weather also had an impact on the bottom line, the report said. June flooding on the Mississippi River forced the company temporarily to close the Davenport and Natchez, Miss. casinos, according to Virginia McDowell, company president and chief operating officer.

At the end of the quarter, which officially ended July 27, 2008, the company had $110.5 million cash and cash equivalents and is carrying $1.5 billion in debt.

Contact John Molseed

at (319) 291-1418 or

john.molseed@wcfcourier.com.